July 29, 2008
THE GOP BETTER NOT BE BANKING ON OIL ANGER:
Oil falls below $121, lowest since May (Alex Lawler, 7/29/08, Reuters)
Oil fell more than $4 a barrel to below $121 on Tuesday, touching the lowest price since May, as signs of weakening demand outweighed a disruption to Nigerian oil output.The drop also coincided with a firmer U.S. dollar, which may have reduced the appeal of commodities to some investors, and comments from OPEC's president that oil could fall to $70 or $80 in the long term.
There is no historical basis for the belief they can keep the price that artificially high. Posted by Orrin Judd at July 29, 2008 11:22 AM
Speaking of oil drilling in certain locations, a certain US Senator from Alaska is now under indictment:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a4U6k9fZABc0&refer=home
This is the real reason why drilling in ANWR will not be approved by Congress anytime soon.
Posted by: Brad S at July 29, 2008 1:09 PM
As noted before even if oil gets down to $100 a barrel by November it will still be significantly higher than last fall and the winter heating bills will be a shocker for voters.
Higher oil/gas prices are not enough to swing the election to the GOP. But McCain being on the right side of the issue (i.e. with 70% of the voting public wanting more drilling) while Obama is with 30% will help McCain in November.
Posted by: AWW at July 29, 2008 12:58 PM